UP Global end-market concerns justified

Back in September, shareholders in UP Global Sourcing Holdings (UPGS) might have been wondering if shares in the consumer goods company had hit the bottom, after it lost half its market value in a single day. Turns out there was more bad news to come. Full year sales dropped by a third to £48.4m while underlying cash profits will fall somewhere between £6m and £7m, compared to £11.5m a year earlier. This update sent shares down 40 per cent in early trading yesterday.